The Asian Development Bank (ADB) has joined hands with the Global Energy Alliance for People and Planet (GEAPP) to fund clean energy transitions in South and Southeast Asia.
The duo has launched a new capital fund to accelerate transitions in countries across the region. The countries include India, Indonesia, Vietnam, Pakistan, and Bangladesh among others.
As per the statement, “GEAPP will provide an initial US$35m of catalytic capital towards the fund.” The fund administered by ADB.
Under the agreement, ADB and GEAPP plan to enable energy access and transition in Asia and beyond. They will provide technical assistance and grants for investment projects.
It has been stated that the fund will be used in different programs like supporting battery energy storage systems and the early retirement of coal-fired power plant initiatives among others.
GEAPP’s chief executive officer Simon Harford was quoted in a statement, "There are great opportunities to open up clean energy access and transition while addressing climate change. We need to do better and act bolder, knowing we will only meet critical climate goals through collaboration and meaningful capital commitments.”
He further stated that GEAPP’s collaboration with ADB is a great example.
“Additional capital will be mobilised at a ratio of at least 15x at portfolio level to encourage the use of clean energy in the region, underpinned by practical innovation, scalable solutions, and knowledge sharing,” he added.
